2012-13 FAFSA Verification-IRS Tax Return Transcript Matrix

Just days after NASFAA released it’s overly complicated version of an IRS Tax Return Transcript Matrix exclusively to NASFAA members, David Bergeron and the good folks at FSA made good on their promise to release one to the FSA community. In a simple to use, one page Excel document, the Ed version, compares the seven ISIR information items that may need to be verified for a student or parent who filed or will file a 2011 Federal Income Tax return to the item name reported on the IRS Tax Return Transcript as well as  the corresponding line item numbers from the three 2011 IRS tax returns.

You can get a copy of the matrix here: 2012-2012 IRS Tax Return Matrix

The February 24th, 2012 Electronic Announcement offers some guidance on interpreting the transcript as well – so aid administrators, pay attention:

…for some items the transcript may  report two or three values.  This is  because the IRS calculates or recalculates the amount reported by the tax filer  for some items.  If only one value is  reported on the transcript that value must be used for verification.  If more than one value is reported on the  transcript, the value associated with the item name that includes the words  “Per Computer” must be used for verification.  The “Per Computer” line should be used for  verification even if it is different than what was reported by the tax filer.

This is great guidance!

You can read the full Electronic Announcement here: February 24, 2012 Electronic Announcement – (General) Subject:  2012-13 FAFSA Verification-IRS Tax Return Transcript Matrix

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4 thoughts on “2012-13 FAFSA Verification-IRS Tax Return Transcript Matrix

  1. Did you find it odd that for the 1040A they referred to line “Tentative Tax Per Computer” as the equivalent to line 35 on the 1040A? I emailed FSA Customer Service and they replied that they were not 100% posative about where line 35 from 1040A is reported on the Tax Return Transcript. Have you heard anything on this topic?

  2. follow up from USDOE:

    “Thank you for taking your time to write to the U.S. Department of Education’s Federal Student Aid (FSA) Research and Customer Care Center (RCCC) about the Department’s 2012-13 FAFSA Verification-IRS Tax Return Transcript Matrix.

    Federal Student Aid has reviewed your concern. We find that the “Total Tax Liability TP Figures Per Computer” is indeed the line from the 1040A tax transcript that should be used, rather than the “Tentative Tax Per Computer” line. In the near future, the Department will release an updated version of the tax return transcript matrix on the Information for Financial Aid Professionals (www.ifap.ed.gov) Web site.”

  3. The slightly revised 2012-13 FAFSA Verification-IRS Tax Return Transcript Matrix corrects an error on the original February 24 matrix. Under the “2011 IRS Tax Return Transcript Item” column we directed financial aid administrators to use the “Tentative Tax Per Computer” value from an IRS Form 1040A transcript to verify the “Income Tax Paid” FAFSA item. The attached revised matrix now instructs financial aid administrators to use the “Total Tax Liability TP Figures Per Computer” value from an IRS Form 1040A transcript to verify the “Income Tax Paid” FAFSA item, as this value correctly includes the tax credits that a tax filer may receive.
    A copy of the revised IRS Tax Return Matrix can be found here:

    http://ifap.ed.gov/eannouncements/attachments/031612FAFSA1213VerificationIRSTaxReturnMatrix

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